After Closing........Credit Question

firemartinez1980 · ‎10-16-2020

I have been having a home built over the past few months and it should be completed in the next 2-3 weeks. Currently my FICO 2 Mortgage dcore is 710....After closing and moving, how long is it normally before the mortgage shows on my credit and how much of an impact will it have??

Luckily the only debt I currently have is an auto loan. Credit cards and other loans have been paid off.

Just curious how much my score will drop because I would like to trade in my current vehicle on a new one, but not sure how that works after buying a home.

Thanks for any and all info!

dragontears · ‎10-16-2020

@firemartinez1980 wrote:
I have been having a home built over the past few months and it should be completed in the next 2-3 weeks. Currently my FICO 2 Mortgage dcore is 710....After closing and moving, how long is it normally before the mortgage shows on my credit and how much of an impact will it have??

Luckily the only debt I currently have is an auto loan. Credit cards and other loans have been paid off.

Just curious how much my score will drop because I would like to trade in my current vehicle on a new one, but not sure how that works after buying a home.

Thanks for any and all info!

YMMV

How long it takes to report depends on your lender and if/when they sell your mortgage. I have had it take 6 months to report! I have also had my most recent mortgage report just over a month after closing (closed July 19th, reported September 1).

I made no changes to my reports after closing because I wanted to get a data point on this. My FICO 8 scores didn't move a single point (mortgage scores did drop some).

JVille · ‎10-16-2020

Closed two loans with Flagstar Bank who retained servicing rights. They each reported 45 days after my 1st payment was paid (not due). Our scores changed very little.

Anonymous · ‎10-17-2020

After my closing the loan was on my report in about 3 weeks...

My FICO score didn't change much but my vantage went up 50 points. I was in the 760 range for FICO and Vantage im almost 800 now.

toomchz4u · ‎10-17-2020

My mortgage middle score was almost identical to yours at 711... Closed on 7/31/2020 and mortgage took 2.5 months to show on credit reports. My fico scores dropped 4-5 points on each bureau.